NINETY EIGHT REGENCY

Hummer sets goal of new deal by May 1

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Hummer sets goal of new deal by May 1

Jamie LaReau

Automotive News -- March 1, 2010 - 12:01 am ET

DETROIT -- Several parties remain interested in Hummer, General Motors said after a tentative deal with a Chinese company collapsed last week.

GM set a target date of May 1 for a new deal, but Hummer CEO Jim Taylor said the process could take longer.

"We're going to do everything in our power to bring this home in the next couple of months," Taylor said. If a buyer is not found, he said, "GM's intention will be more than fair in the wind-down process."

Chinese regulators denied approval of the sale of Hummer to Sichuan Tengzhong Heavy Industrial Machinery Co.

GM last week extended until May 1 the franchise agreements of the remaining 153 U.S. Hummer dealerships.

Taylor said CEO Ed Whitacre told him to "move fast" to sell the brand or wind it down. Taylor suggested a decision likely would come within 75 days.

If Hummer is wound down, the process would likely mimic that of Pontiac and Saturn, Taylor said. GM offered rebates to customers to clear out inventory and then paid exiting dealers varying settlement amounts.

"It won't leave dealers in a world of hurt," Taylor said.

GM stopped production of the H3 SUV and H3T pickup on Jan. 13. There are 2,521 H3 and H3T trucks in stock.

Read more: http://www.autonews.com/article/20100301/RETAIL03/303019927/1078#ixzz0gw2VANYt

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GM stopped production of the H3 SUV and H3T pickup on Jan. 13. There are 2,521 H3 and H3T trucks in stock.

Maybe I should stop looking at a used GMC Envoy, cash in all my loose change, sell off as many of my diecast as possible, and start keeping an eye on a local H3T pickup?

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Maybe I should stop looking at a used GMC Envoy, cash in all my loose change, sell off as many of my diecast as possible, and start keeping an eye on a local H3T pickup?

Go for it ..............

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